Unwired Planet, Inc. Announces Second Quarter 2013 Financial Results

Unwired Planet, Inc. (UPIP), today announced financial results for the
second quarter 2013.

For a detailed discussion of these and other factors that may cause these forward looking statements not to come true, please refer to the risk factors discussed in Unwired Planet’s filings with the U.S. Securities and Exchange Commission ("SEC"), including the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012. These documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Unwired Planet’s website at www.unwiredplanet.com.

UNWIRED PLANET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED

(In thousands)

December 31,

June 30,

2012

2012

Assets

Current Assets:

Cash and cash equivalents

$

24,615

$

39,709

Short-term investments

32,669

43,860

Restricted cash and investments

675

-

Prepaid and other current assets

1,552

3,960

Total current assets

59,511

87,529

Property and equipment, net

135

452

Long-term investments

4,548

9,423

Deposits and other assets

89

89

Total assets

$

64,283

$

97,493

Liabilities and Stockholders' Equity

Current Liabilities:

Accounts payable

$

5,967

$

6,088

Accrued liabilities

5,402

8,119

Accrued restructuring costs

7,298

12,871

Total current liabilities

18,667

27,078

Accrued restructuring costs, less current portion

512

827

Long-term taxes payable and other

633

959

Total liabilities

19,812

28,864

Stockholders' equity

44,471

68,629

Total liabilities and stockholders' equity

$

64,283

$

97,493

UNWIRED PLANET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED

(In thousands, except per share data)

Three Months Ended

Six Months Ended

December 31,

September 30,

December 31,

December 31,

December 31,

2012

2012

2011

2012

2011

Revenues:

Patents

$

3

$

3

$

5

$

6

$

15,026

Total revenues

3

3

5

6

15,026

Operating Expenses:

Sales and marketing expenses

-

78

-

78

375

Patent initiative expenses

3,156

5,559

3,272

8,715

4,996

General and administrative

4,350

3,791

1,212

8,141

2,898

Restructuring and other related costs

1,349

457

1,784

1,806

2,335

Total operating expenses

8,855

9,885

6,268

18,740

10,604

Operating income (loss) from continuing operations

(8,852

)

(9,882

)

(6,263

)

(18,734

)

4,422

Interest and other income (expense), net

39

50

(309

)

89

(247

)

Net income (loss) from continuing operations

(8,813

)

(9,832

)

(6,572

)

(18,645

)

4,175

Income taxes

-

-

2,501

-

2,501

Net income (loss) from continuing operations

(8,813

)

(9,832

)

(9,073

)

(18,645

)

1,674

Loss on sale of discontinued operation

-

(750

)

-

(750

)

-

Discontinued operations, net

(2,797

)

(4,528

)

(1,317

)

(7,325

)

(9,423

)

Net loss

$

(11,610

)

$

(15,110

)

$

(10,390

)

$

(26,720

)

$

(7,749

)

Basic and diluted net income (loss) per share from:

Continuing operations

$

(0.10

)

$

(0.11

)

$

(0.11

)

$

(0.21

)

$

0.02

Discontinued operations

$

(0.03

)

(0.06

)

(0.01

)

(0.09

)

(0.11

)

Net income loss per share

$

(0.13

)

$

(0.17

)

$

(0.12

)

$

(0.30

)

$

(0.09

)

Shares used in basic and diluted net income (loss ) per share

90,323

89,971

85,594

90,147

85,538

Stock-based compensation by category:

Sales and marketing

$

-

$

1

$

-

$

1

$

-

General and administrative

298

435

133

733

267

Discontinued operations

489

73

501

562

952

$

787

$

509

$

634

$

1,296

$

1,219

UNWIRED PLANET, INC.

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)